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Guide to Discounts for Lack of Marketability

As most business appraisers know, there is wide divergence about the discount for lack of marketability (DLOM) and the methods used to determine it. The new edition of BVR's Guide to Discounts for Lack of Marketability, authored by John Stockdale, Sr., contains a new treatise on the theories, evidence, and techniques for determining DLOM. It is a first step toward a more consistent practice.This valuable resource also contains hundreds of the most important court case abstracts involving DLOM and features a comprehensive and easy-to-read summary table.

Chapter 1 Fundamentals of the DLOM- History of the DLOM- The Need for a DLOM- Requirements of Valuation Standards- Theory of the DLOM- Definition of the DLOM- Mathematical Statement of the DLOM- The Concept of Base Value- Levels of Value- Relevant Markets- Characteristics of the Markets- Summary of Liquidity Propositions- Empirical Studies- Studies providing evidence of the DLOM

Chapter 7 Factors Affecting the DLOM- Analysis of Factors from 13 Restricted Stock Studies- Two Other Important Factors – Industry and Dividends- Industry in which the company operates.- Dividends- Basic Approach for Applying the DLOM- Several Observations about Discounts in the FMV database- Effect of Rule 144A and Change in SEC Holding Periods- Effect of Registration Rights- Comments about Block Size

Chapter 13 Which Computational Method Should Be Used?Chapter 14 Disposal Period

- Disposal Period for Controlling Interests- Howard Frazier Barker Elliott Partnership Retirement Study- Time to Sell a Minority Interest in a Private Operating Company- Appendix A- Statistical Analysis of Time to Sale in Pratt's Stats and Bizcomps

Chapter 15 Estimation of Volatility- Getting at Volatility Through Rate of Return- Use of Guideline Companies- General Range of Volatility of Public Companies

Chapter 17 Theory and Evidence- The Gap Between Available Evidence and Private Companies- Analysis of Restricted Stock Data Based on Theory- Appendix A- Development of the Sigma Time DLOM Model to Connect Theory and Evidence

Chapter 18 Conclusion – Where We Are with DLOMs- What we do have- What we do not have- A suggested overall procedure to determine a DLOM